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Russian tire companies bought from Nokian Tyres will be renamed — Tatneft

At the end of June 2022, Nokian Tyres decided to leave the Russian market

MOSCOW, March 30. /TASS/. Tatneft oil company, which bought the tire business of Nokian Tyres in Russia, will rename the acquired enterprises, the oil company said in a statement on Thursday.

According to the statement, Tatneft has completed the acquisition of the Russian tire business from Nokian Tires. As it follows from the Unified State Register of Legal Entities, on March 24, Tatneft became the owner of a 100% stake in Nokian Tires LLC and Hakka Invest LLC. As the company notes, on March 29 Tatneft acquired 100% of Nokian Shinna LLC.

"The indicated Russian companies were purchased from Nokian Tyres and will soon change their names," the statement said.

In February, the Federal Antimonopoly Service approved three applications by Tatneft for the acquisition of 100% stakes in the authorized capitals of Nokian Tires LLC, Hakka Invest LLC and Nokian Shinna LLC from Nokian Tires. The deal was then approved by the government's foreign investment control commission. The cost of the transaction amounted to 285 million euros.

At the end of June 2022, Nokian Tyres decided to leave the Russian market.

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